Renters insurance will cover jewelry up to your policy’s limit, which is usually between $1,000 to $1,5000
You can add additional riders to insure your wedding or engagement ring if it exceeds your policy’s limits
Renters insurance won’t cover things like normal wear and tear, but if your wedding ring is stolen, renters insurance will reimburse you up to your limit
When you rent an apartment, house, condo, or room, renters insurance protects your personal property and liability. Most of your everyday items will be covered by your renters insurance policy, meaning if they get stolen, destroyed, or damaged due to a covered peril then your insurer will reimburse you the cost to replace or fix them. Renters insurance is a relatively inexpensive way to protect your belongings and liability, costing an average of $16 a month.
Basic renters insurance policies are broken down into three types of coverage: personal property coverage, which covers your belongings when they are destroyed, stolen, or lost, both on and off your property as defined by your policy; personal liability coverage, which covers your financial risk if someone gets hurt in your home and sues you or requires medical treatment and expenses; and loss-of-use coverage, which will pay for your accommodation if your rental becomes uninhabitable.
When it comes to expensive items like wedding or engagement rings, other jewelry, or collectibles, renters insurance will only cover up to your policy’s limit. And most policies have sublimits for specific categories of items, like jewelry. This means if your wedding ring costs over your coverage’s sublimit for jewelry, which is usually around $1,500, then you might need to look into additional coverage.
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Renters insurance will cover all or part of the price of reimbursement for your personal belongings. This is true even if they are not on your property at the time they get damaged or stolen. For example, if your wedding ring gets stolen while on vacation, your renters insurance policy will still pay out up to your policy’s limit for your ring, despite you not being in your rental at the time. Depending on the cost of your ring, you should be able to file a claim for at least some of the value of it if the ring gets stolen or damaged in a covered peril.
If you don’t know how much your wedding or engagement ring is worth, you should get a professional appraisal. Once you know the value of your ring, your renters insurance provider will be able to determine the replacement cost. This will help you decide how much additional coverage you might want to purchase.
When it comes to personal property damage, renters insurance covers perils like fire, falling objects, damage from riots, theft, and more. That being said, if you’re trying to insure expensive jewelry, most providers will only consider theft a covered peril. This means if your wedding ring gets damaged by a fire, your renters insurance policy probably won’t cover it. Some insurance providers will reimburse you up to your policy limit if you lose your wedding ring due to a covered peril, but not all. This all depends on your policy, so you should check with your provider before adding any additional riders or coverage.
Renters insurance includes a certain amount of coverage per loss. The maximum amount of this coverage is called your coverage limit. This is the limit the insurer is liable to cover you. So say for example, you purchase $20,000 in renters insurance, you will be covered only up to $20,000 in total losses.
High value items like wedding or engagement rings have separate limits called sublimits. Most insurers will offer sublimits for jewelry in the $1,000 to $1,500 range. This means if you have a jewelry sublimit of $1,000 and your wedding ring costs $5,000, you will only receive $1,000 towards reimbursement for a covered claim.
If this doesn’t seem like enough coverage for your wedding ring, don’t stress out. As with most renters insurance coverage, you can always purchase additional riders to cover more perils.
There are a few steps you can take to protect your wedding ring with renters insurance.
An important first step is to put the policy in the name of the recipient of the wedding or engagement ring. The renters insurance policy for the ring must be in the name of the person who owns the ring. Initially, it can be in the purchaser of the rings name, but after you give the wedding or engagement ring to the recipient you must change the name on the policy.
Like we mentioned, most insurance providers limit coverage for jewelry at about $1,500. This means you will need to add additional coverage if your wedding ring exceeds that amount. You can do this in a few ways.
In the event that you do need to file a claim for your stolen or damaged wedding ring, you’re going to want to get started on the process right away. If your wedding ring has been stolen, you should call the police before filing a claim.
You should call your insurance company as soon as possible to report the claim and to make sure your wedding or engagement ring is covered by the policy. Many insurance companies have a deadline for when you can file a claim, which is typically between 48 to 72 hours since the incident. To make the ordeal smoother, you should have these things handy:
You will then need to fill out a claims form to file your claim. Once you submit your claim, your renters insurance company will begin their investigation process. Some claims take longer than others, so you should ask your provider to give you an estimated timeframe.
Even if you purchase additional coverage and riders, there are still some circumstances that will be excluded from your policy and won’t cover your wedding or engagement ring.
About the author
Kara McGinley is an Insurance Editor at Policygenius. She previously worked as a freelance writer and a copywriter for various startups. Her work can be found in Teen Vogue, The Culture Crush, Mask Magazine, and more.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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